Sumitomo Realty & Development : Consolidated Financial Statements for FY2021 ended March 31, 2022 ( 207.7KB )

Consolidated Financial Statements

Consolidated Balance Sheets

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

As of March 31, 2022 and 2021

	Millions of yen
	2022	2021
Assets
Current assets:
Cash and deposits (Notes 5, 7 and 8)	¥  151,393	¥  188,340
Accounts receivable-trade (Note 19)	23,286	18,714
Allowance for doubtful accounts	(44)	(38)
Inventories (Notes 3, 6 and 22)	712,451	636,803
Other current assets	54,447	68,377
Total current assets	941,533	912,196
Property and equipment (Notes 3, 6, 20 and 22):
Land (Note 7)	2,847,702	2,778,475
Buildings and structures (Note 7)	1,759,702	1,705,467
Construction in progress (Note 7)	139,860	107,850
Other property and equipment (Note 7)	48,718	46,854
Subtotal of property and equipment	4,795,982	4,638,646
Accumulated depreciation and accumulated impairment losses	(681,665)	(626,477)
Total property and equipment	4,114,317	4,012,169
Intangibles (Note 20) :
Leasehold rights (Note 3 and 22)	61,803	60,162
Other intangibles	2,191	2,249
Total intangibles	63,994	62,411
Investments and other assets:
Investments in unconsolidated subsidiaries and affiliates (Note 8)	70,274	68,689
Investment securities (Notes 8 and 9)	503,230	505,448
Guarantee and lease deposits (Notes 8 and 9)	66,994	68,743
Net defined benefit asset (Note 11)	258	-
Deferred income taxes (Note 14)	11,457	11,071
Other investments and other assets (Notes 8 and 18)	34,642	35,023
Allowance for doubtful accounts	(659)	(2,084)
Total investments and other assets	686,196	686,890
Total assets	¥5,806,040	¥5,673,666

See accompanying notes.

Thousands of

U.S. dollars (Note 1)

2022

$  1,236,770 190,230 (359) 5,820,203 444,791

7,691,635

23,263,639

14,375,476

1,142,554

397,990

39,179,659

(5,568,704)

33,610,955

504,885

17,899

522,784

574,087

4,111,020

547,292

2,108

93,595

283,000

(5,384)

5,605,718

$47,431,092

	Millions of yen
	2022	2021
Liabilities and Net Assets
Current liabilities:
Short-term debt (Notes 8 and 10)	¥     68,610	¥  146,620
Long-term debt due within one year (Notes 7, 8 and 10)	237,386	211,446
Long-termnon-recourse debt due within one year (Notes 7, 8 and 10)	4,786	16,344
Notes and accounts payable-trade	42,308	24,697
Accrued income taxes	40,145	40,742
Provison for bonuses	5,804	4,023
Deposits received	55,156	65,964
Other current liabilities (Notes 13 and 19)	185,836	152,124
Total current liabilities	640,031	661,960
Long-term liabilities:
Long-term debt due after one year (Notes 7, 8 and 10)	2,957,325	2,890,210
Long-termnon-recourse debt due after one year (Notes 7, 8 and 10)	291,887	296,673
Guarantee and lease deposits received (Note 8)	249,276	258,219
Long-term deposits received	8,764	27,932
Net defined benefit liability (Note 11)	5,796	5,258
Other long-term liabilities (Notes 8, 13, 14 and 18)	18,912	30,393
Total long-term liabilities	3,531,960	3,508,685
Contingent liabilities (Note 23)
Net assets (Note 16):
Shareholders' equity
Common stock:
Authorized -1,900,000 thousand shares
Issued        -476,086 thousand shares	122,805	122,805
Capital surplus	104,154	104,154
Retained earnings (Note 24)	1,256,742	1,126,670
Treasury stock	(4,475)	(4,475)
Total shareholders' equity	1,479,226	1,349,154
Accumulated other comprehensive income (loss)
Net unrealized holding gains on securities (Note 9)	155,863	160,441
Net deferred gains (losses) on hedges (Note 18)	705	(2,989)
Foreign currency translation adjustments	(1,450)	(4,266)
Remeasurements of defined benefit plans (Note 11)	(295)	681
Total accumulated other comprehensive income	154,823	153,867
Total net assets	1,634,049	1,503,021
Total liabilities and net assets	¥5,806,040	¥5,673,666

Thousands of

U.S. dollars (Note 1)

2022

$     560,493 1,939,270 39,098 345,625 327,955 47,414 450,584 1,518,145

5,228,584

24,159,178

2,384,503

2,036,402

71,596

47,349

154,497

28,853,525

1,003,227

850,862

10,266,661

(36,557)

12,084,193

1,273,286

5,759

(11,845)

(2,410)

1,264,790

13,348,983

$47,431,092

Sumitomo Realty & Development Co., Ltd.

Consolidated Financial Statements

Consolidated Statements of Income

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2022, 2021 and 2020

		Millions of yen
	2022	2021	2020
Revenue from operations (Notes 17, 19, 20 and 22)	¥939,431	¥917,473	¥1,013,513
Costs and expenses (Note 17):
Cost of revenue from operations (Note 22)	636,988	629,565	691,832
Selling, general and administrative expenses (Note 11)	68,560	68,664	87,349
	705,548	698,229	779,181
Operating income (Note 20)	233,883	219,244	234,332
Other income (expenses) (Note 22) :
Interest income	131	275	656
Interest expense (Notes 10 and 18)	(18,034)	(18,318)	(19,186)
Dividend income	12,662	11,561	11,024
Gain on sale of property and equipment	98	536	278
Loss on sale of property and equipment	(0)	-	(2,131)
Loss on impairment of fixed assets (Notes 12, 20 and 22)	(3,453)	(3,876)	(9,660)
Loss on disposal of property and equipment (Note 22)	(4,015)	(7,890)	(1,567)
Gain on sale of investment securities (Note 9)	2,427	13,116	1,417
Loss on sale of investment securities (Note 9)	(2)	(312)	-
Loss on devaluation of investment securities (Note 9)	(1,160)	(489)	(7,838)
Loss related to COVID-19	-	(629)	-
Reversal of allowance for doubtful accounts	-	-	4,824
Other, net	(3,883)	(2,859)	(6,339)
	(15,229)	(8,885)	(28,522)
Income before income taxes	218,654	210,359	205,810
Income taxes (Note 12):
Current	77,311	64,930	68,180
Deferred	(9,109)	4,040	(3,367)
Total	68,202	68,970	64,813
Profit	150,452	141,389	140,997
Profit attributable to non-controlling interests	-	-	-
Profit attributable to owners of parent	¥150,452	¥141,389	¥  140,997
		Yen
	2022	2021	2020
Amounts per share of common stock:
Profit attributable to owners of parent:
-Basic	¥317.45	¥298.33	¥297.50
-Diluted	-	-	-
Cash dividend applicable to the year (Note 24)	45.00	40.00	35.00

See accompanying notes.

Thousands of

U.S. dollars (Note 1)

2022

$7,674,463

5,203,725

560,085

5,763,810

1,910,653

1,070

(147,325)

103,439

801

(0)

(28,208)

(32,800)

19,827

(16)

(9,476)

-

-

(31,722)

(124,410)

1,786,243

631,574

(74,414)

557,160

1,229,083

-

$1,229,083

U.S. dollars (Note 1)

2022

$2.59

-

0.37

Consolidated Statements of Comprehensive Income

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2022, 2021 and 2020

		Millions of yen
	2022	2021	2020
Profit	¥150,452	¥141,389	¥140,997
Other comprehensive income (loss) (Note 21)
Net unrealized holding gains (losses) on securities	(4,578)	84,106	(32,875)
Net deferred gains (losses) on hedges	3,694	571	412
Foreign currency translation adjustments	2,816	(1,548)	(366)
Remeasurements of defined benefit plans	(976)	858	(103)
Total other comprehensive income (loss)	956	83,987	(32,932)
Comprehensive income	¥151,408	¥225,376	¥108,065
Comprehensive income attributable to:
Owners of the parent	¥151,408	¥225,376	¥108,065
Non-controlling interests	-	-	-

Thousands of

U.S. dollars (Note 1)

2022

$1,229,083

(37,399)

30,177

23,005

(7,974)

7,809 $1,236,892

$1,236,892

-

See accompanying notes.

Consolidated Statements of Changes in Net Assets

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2022, 2021 and 2020

		Thousands							Millions of yen
						Shareholders' equity					Accumulated other comprehensive income (loss)
														Remeasure-	Total
		Number of							Net unrealized			Foreign	ments of	accumulated
		shares of					Total		holding gains	Net deferred	currency	defined	other
		common	Common	Capital	Retained	Treasury	shareholders'		(losses) on	gains (losses)	translation	benefit	comprehensive	Total net
		stock	stock	surplus	earnings	stock	equity		securities	on hedges	adjustments	plans	income (loss)	assets
Balance at April 1, 2019	476,086		¥122,805	¥104,154	¥  876,803	¥(4,470)	¥1,099,292	¥109,210	¥(3,972)	¥(2,352)	¥  (74)	¥102,812	¥1,202,104
Profit attributable to owners of parent	-	-	-	140,997	-	140,997		-		-	-	-	-	140,997
Foreign currency translation adjustments	-	-	-	-	-	-		-		-	(366)	-	(366)	(366)
Net unrealized holding gains (losses) on securities	-	-	-	-	-	-	(32,875)		-	-	-	(32,875)	(32,875)
Acquisition of treasury stock	-	-	-	-	(3)	(3)		-		-	-	-	-	(3)
Disposal of treasury stock	-	-	0	-	0	0		-		-	-	-	-	0
Change in scope of consolidation	-	-	-	-	-	-		-		-	-	-	-	-
Cash dividends paid:
Final for prior year (¥16 per share)	-	-	-	(7,583)	-	(7,583)		-		-	-	-	-	(7,583)
Interim for current year (¥16 per share)	-	-	-	(7,583)	-	(7,583)		-		-	-	-	-	(7,583)
Net deferred gains (losses) on hedges	-	-	-	-	-	-		-		412	-	-	412	412
Remeasurements of defined benefit plans	-	-	-	-	-	-		-		-	-	(103)	(103)	(103)
Balance at April 1, 2020	476,086		¥122,805	¥104,154	¥1,002,634	¥(4,473)	¥1,225,120		¥  76,335	¥(3,560)	¥(2,718)	¥(177)	¥  69,880	¥1,295,000
Profit attributable to owners of parent	-	-	-	141,389	-	141,389		-		-	-	-	-	141,389
Foreign currency translation adjustments	-	-	-	-	-	-		-		-	(1,548)	-	(1,548)	(1,548)
Net unrealized holding gains (losses) on securities	-	-	-	-	-	-	84,106		-	-	-	84,106	84,106
Acquisition of treasury stock	-	-	-	-	(2)	(2)		-		-	-	-	-	(2)
Disposal of treasury stock	-	-	-	-	-	-		-		-	-	-	-	-
Change in scope of consolidation	-	-	-	657	-	657		-		-	-	-	-	657
Cash dividends paid:
Final for prior year (¥19 per share)	-	-	-	(9,005)	-	(9,005)		-		-	-	-	-	(9,005)
Interim for current year (¥19 per share)	-	-	-	(9,005)	-	(9,005)		-		-	-	-	-	(9,005)
Net deferred gains (losses) on hedges	-	-	-	-	-	-		-		571	-	-	571	571
Remeasurements of defined benefit plans	-	-	-	-	-	-		-		-	-	858	858	858
Balance at April 1, 2021	476,086		¥122,805	¥104,154	¥1,126,670	¥(4,475)	¥1,349,154	¥160,441	¥(2,989)	¥(4,266)	¥681	¥153,867	¥1,503,021
Profit attributable to owners of parent	-	-	-	150,452	-	150,452		-		-	-	-	-	150,452
Foreign currency translation adjustments	-	-	-	-	-	-		-		-	2,816	-	2,816	2,816
Net unrealized holding gains (losses) on securities	-	-	-	-	-	-	(4,578)		-	-	-	(4,578)	(4,578)
Acquisition of treasury stock	-	-	-	-	(0)	-		-		-	-	-	-	(0)
Disposal of treasury stock	-	-	-	-	-	-		-		-	-	-	-	-
Change in scope of consolidation	-	-	-	(0)	-	-		-		-	-	-	-	(0)
Cash dividends paid:
Final for prior year (¥21 per share)	-	-	-	(9,953)	-	(9,953)		-		-	-	-	-	(9,953)
Interim for current year (¥22 per share)	-	-	-	(10,427)	-	(10,427)		-		-	-	-	-	(10,427)
Net deferred gains (losses) on hedges	-	-	-	-	-	-		-		3,694	-	-	3,694	3,694
Remeasurements of defined benefit plans	-	-	-	-	-	-		-		-	-	(976)	(976)	(976)
Balance at March 31, 2022	476,086		¥122,805	¥104,154	¥1,256,742	¥(4,475)	¥1,479,226	¥155,863	¥	705	¥(1,450)	¥(295)	¥154,823	¥1,634,049
								Thousands of U.S. dollars (Note 1)
						Shareholders' equity					Accumulated other comprehensive income (loss)
														Remeasure-	Total
										Net unrealized			Foreign	ments of	accumulated
								Total		holding gains	Net deferred	currency	defined	other
				Common	Capital	Retained	Treasury	shareholders'		(losses) on	gains (losses)	translation	benefit	comprehensive	Total net
				stock	surplus	earnings	stock	equity		securities	on hedges	adjustments	plans	income (loss)	assets
Balance at April 1, 2021			$1,003,227	$850,862	$  9,204,068	$(36,557)	$11,021,600	$1,310,685	$(24,418)	$(34,850)	$ 5,564	$1,256,981	$12,278,581
Profit attributable to owners of parent			-	-	1,229,083	-	1,229,083		-		-	-	-	-	1,229,083
Foreign currency translation adjustments			-	-	-	-	-		-		-	23,005	-	23,005	23,005
Net unrealized holding gains (losses) on securities			-	-	-	-	-	(37,399)		-	-	-	(37,399)	(37,399)
Acquisition of treasury stock			-	-	-	(0)	(0)		-		-	-	-	-	(0)
Disposal of treasury stock			-	-	-	-	-		-		-	-	-	-	-
Change in scope of consolidation			-	-	(0)	-	(0)		-		-	-	-	-	(0)
Cash dividends paid:
Final for prior year ($0.17 per share)			-	-	(81,309)	-	(81,309)		-		-	-	-	-	(81,309)
Interim for current year ($0.17 per share)			-	-	(85,181)	-	(85,181)		-		-	-	-	-	(85,181)
Net deferred gains (losses) on hedges			-	-	-	-	-		-	30,177	-	-	30,177	30,177
Remeasurements of defined benefit plans			-	-	-	-	-		-		-	-	(7,974)	(7,974)	(7,974)
Balance at March 31, 2022				$1,003,227	$850,862	$10,266,661	$(36,557)	$12,084,193	$1,273,286	$	5,759	$(11,845)	$(2,410)	$1,264,790	$13,348,983

See accompanying notes.

Sumitomo Realty & Development Co., Ltd.

Consolidated Financial Statements

Consolidated Statements of Cash Flows

Sumitomo Realty & Development Co., Ltd. and its consolidated subsidiaries

For the years ended March 31, 2022, 2021 and 2020

					Thousands of
		Millions of yen			U.S. dollars (Note 1)
	2022	2021	2020	2022
Cash flows from operating activities:
Income before income taxes	¥ 218,654	¥ 210,359	¥ 205,810		$ 1,786,243
Depreciation and amortization (Notes 20 and 22)	60,645	57,813	48,974	495,425
Loss on impairment of fixed assets	3,453	3,876	9,660	28,208
Provision for (Reversal of) allowance for doubtful accounts	135	(21)	(4,848)	1,103
Increase (Decrease) in net defined benefit liability	(196)	226	60	(1,601)
Loss (Gain) on sale of property and equipment, net	(98)	(536)	1,853	(801)
Loss on disposal of property and equipment	4,015	7,890	1,567	32,800
Loss (Gain) on sale of investment securities, net	(2,425)	(12,803)	(1,417)	(19,810)
Loss (Gain) on devaluation of investment securities	1,160	489	7,838	9,476
Interest and dividend income	(12,793)	(11,836)	(11,680)	(104,509)
Interest expense	18,034	18,318	19,186	147,325
Decrease (Increase) in accounts receivable-trade	(4,572)	(1,185)	4,637	(37,350)
Decrease (Increase) in inventories	(48,327)	7,304	46,767	(394,796)
Increase (Decrease) in notes and accounts payable-trade	17,611	(12,041)	(18,543)	143,869
Increase (Decrease) in advances received	2,082	(4,922)	(416)	17,008
Other, net	18,965	26,434	(6,117)		154,930
Total	276,343	289,365	303,331		2,257,520
Proceeds from interest and dividend income	12,793	11,836	11,680	104,509
Payments for interest	(18,150)	(18,224)	(19,334)	(148,272)
Payments for income tax and other taxes	(78,019)	(57,030)	(65,218)		(637,358)
Net cash provided by operating activities	192,967	225,947	230,459	1,576,399
Cash flows from investing activities:
Payments for purchases of property and equipment	(179,553)	(355,432)	(270,347)	(1,466,816)
Proceeds from sale of property and equipment	525	1,659	11,307	4,289
Payments for purchases of investment securities	(9,024)	(20,500)	(46,695)	(73,719)
Proceeds from sale and redemption of investment securities	4,241	49,141	2,676	34,646
Payments for guarantee and lease deposits	(1,278)	(748)	(1,121)	(10,440)
Proceeds from guarantee and lease deposits	2,731	1,954	804	22,310
Repayments for guarantee and lease deposits received	(35,829)	(16,549)	(10,950)	(292,697)
Proceeds from guarantee and lease deposits received	27,858	24,264	29,525	227,579
Other, net	(19,656)	(20,471)	(5,318)		(160,575)
Net cash used in investing activities	(209,985)	(336,682)	(290,119)	(1,715,423)
Cash flows from financing activities:
Increase (Decrease) in short-term debt, net	(78,010)	(106)	121,083	(637,285)
Proceeds from issuance of bonds	40,000	-	-	326,771
Redemption of bonds	(20,000)	-	(40,000)	(163,385)
Proceeds from non-recourse bonds	-	6,000	2,000		-
Redemption of non-recourse bonds	(1,500)	(8,000)	(2,000)	(12,254)
Proceeds from long-term loans payable	264,500	259,500	153,300	2,160,771
Repayments of long-term loans payable	(191,446)	(131,471)	(129,619)	(1,563,974)
Proceeds from long-termnon-recourse loans	-	57,140	93,720		-
Repayments of long-termnon-recourse loans	(14,844)	(62,678)	(100,363)	(121,265)
Decrease (Increase) in treasury stocks, net	(0)	(2)	(3)	(0)
Cash dividends paid	(20,375)	(18,005)	(15,163)	(166,449)
Other, net	(242)	(292)	(310)		(1,976)
Net cash provided by (used in) financing activities	(21,917)	102,086	82,645		(179,046)
Effect of exchange rate changes on cash and cash equivalents	1,964	(1,088)	(244)		16,044
Net increase (decrease) in cash and cash equivalents	(36,971)	(9,737)	22,741		(302,026)
Cash and cash equivalents at beginning of year	187,281	193,448	170,707	1,529,949
Increase in cash and cash equivalents of newly consolidated
subsidiaries	0	3,570	-	0
Cash and cash equivalents at end of year (Note 3)	¥ 150,310	¥ 187,281	¥ 193,448		$ 1,227,923

See accompanying notes.